AFIG Fund II LP

West Africa,Africa Financial services, Food and agriculture

Advanced Finance and Investment Group (AFIG) is an investment manager that specialises in buyouts, growth investments, and expansion capital in mid-market companies in Central and West Africa.

The Senegal-based firm was established in 2005.

The AFIG Fund II aims to invest in small and mid-sized enterprises (SMEs) in sub-Saharan Africa which operate in the agribusiness, manufacturing, energy, food and beverages, healthcare, and financial services sectors.

Our investment

In 2016, CDC invested $20 million into AFIG II, alongside the EIB, the African Development Bank, and other European DFIs including Germany’s DEG and Sweden’s SwedFund. The fund targets investments of between $5 million to $20 million and the fund manager is aiming for a total fund size of $170 million. Our investment provides growth capital to support the sustainable expansion of small firms in Central, East and West African countries.

Expected impact

SMEs in sub-Saharan Africa often struggle to access affordable finance, and sometimes lack the strategic expertise that will help them scale up and expand beyond their local markets.

Our investment enables the fund manager to continue the strategy of its predecessor, the Atlantic Coast Regional Fund, to invest in African entrepreneurs and fast-growth firms that have the potential to become regional 'blue chips'.

In addition to much-needed growth capital, the fund manager provides managerial, technical and operational know-how to portfolio companies, driving business growth, job creation and regional integration.

The fund has invested in First Atlantic Bank, Ghana.

Environmental and social aspects

We worked closely with the fund manager to develop and implement an Environmental and Social Management System (ESMS).

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Africa, West Africa
Countries

For funds, the countries listed here are those the fund has invested in so far.

:
Cape Verde, Ghana
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

:
Financial services, Food and agriculture
Website:
http://www.afigfunds.com/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund manager:
Advanced Finance and Investment Group
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
July 2016
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$20m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Mauritius

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Tecnicil Industria Cape Verde Africa, West Africa Food and agriculture April 2017 Active
First Atlantic Bank Ghana Africa, West Africa Financial services June 2017 Active